The XRP price is struggling to gain bullish momentum above $0.50. The price needs to break above USD 0.50 and USD 0.520 to achieve a steady increase in the short term.
- The XRP price extended losses before finding support near the $0.4765 zone.
- The price is now trading above USD 0.4850 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a significant climb if it breaks above the $0.50 resistance zone.
XRP price holds support
The XRP price failed to spark a new increase and once again reacted to the negative side like Bitcoin. There was a move below the USD 0.4800 level, but the bulls were active around the USD 0.4765 level.
A low was formed at $0.4765 and the price is now correcting losses. There was a move above the USD 0.4850 and USD 0.4900 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.5104 swing high to the $0.4765 low.
It is now trading above USD 0.4850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4980 level and the 61.8% Fib retracement level of the downward move from the $0.5104 swing high to the $0.4765 low.
There is also a major bearish trendline forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair. The first major resistance is near $0.500. The next major resistance is near the $0.5020 level.
A close above the $0.5020 resistance zone could send the price higher. The next major resistance is near USD 0.5200. If there is a clear move above the USD 0.520 resistance level, a steady rise towards the USD 0.5320 resistance could occur. Any further gains could send the price towards the USD 0.5500 resistance.
Another drop?
If XRP fails to break the USD 0.4980 resistance zone, it could trigger another decline. Initial downside support is near the $0.490 level and the 100-hour Simple Moving Average.
The next major support is at USD 0.4850. If there is a downside break and a close below the USD 0.4850 level, the price may gain bearish momentum. In the mentioned case, the price could even trade below the low of $0.4765 in the short term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.4850 and $0.4765.
Major resistance levels – $0.4980 and $0.500.
